Tag Archives: Estate Planning

Estate Planning: Why Do You Need It?

Estate Planning

Estate PlanningBuilding an estate to bequeath to loved ones is the ultimate goal of many — if not all — responsible adults over the course of their life. It is, however, common for people to amass wealth and yet forget to instate a plan by which their wealth shall be handled in the case of their passing. Some consider death as taboo; some are just simply scared of the thought of planning one’s passing.

Nonetheless, estate planning is always a good idea. As the Utah estate planning attorney of ChristensenYoungLaw.com notes, “An estate plan provides more than the distribution of wealth and will provide peace of mind.”

Here are a few reasons that make it so:

  1. Death is a certainty that comes at an uncertain time.

Tomorrow is an uncertainty. The phrase, “I’ll do it tomorrow” is so common that some people say it with such confidence, as if it were inevitable. The fact of the matter is that no one knows when their time on this earth will come.

  1. Your possessions go exactly where you want them to go.

By planning your own estate, you can entrust your wealth however you please to whomever you want, which brings us to the third reason.

  1. Your loved ones can avoid unnecessary anxiety, confusion, and stress.

After the death of a loved one, family members need to deal with plenty of arrangements, along with the devastating grief and sorrow. By sorting out the distribution of your assets before your time comes, you are helping your loved ones with the process of moving on.

Many estate-planning tools out there can help you prepare for the future. If you want to start estate planning today, talk to estate planning attorneys today. As they say, it is never too early to plan for what may come later on.

What is Included in my Estate?

Estate Planning

Estate PlanningVarious types of properties pass the hands of an ordinary citizen. During his lifetime, a capable, hard working person would have invested in a lot of properties for his use and for the benefit of his family. Colorado estate planning lawyers advise that you keep track of your properties, no matter its size, for an effective estate planning.

Here are the properties to track.

  1. Liquid Assets

Your liquid assets include all the money you have in your accounts. No matter the type of account, whether it be current or savings or foreign currency accounts, these are all included. However, trusts are different matters as they are classified under interests and requires a different type of processing.

  1. Property Assets

Your property assets include real properties, real estate properties as well as your movable properties. When we speak of real and real estate properties, these are lands and buildings as well as machineries that adhere to the soil as part of a structure or a building. Movable properties on the other hand include furniture, fixture and even motor vehicles registered under your name.

  1. Interests

According to Miller & Steiert, P.C., interests come in different forms. Interests may be in the form of investments such as stocks, securities as well as trusts for your benefit and the benefit of others. Trusts are different matters in its entirety, which is why you will have to hire the services of seasoned Colorado estate planning lawyers to make sure that it is properly claimed and protected.

  1. Liabilities

Liabilities are also included because you have to create an honest and complete computation of all your properties. You have to be realistic with your computations.

  1. Inheritance

Future inheritance should not be included because as long as the title has not yet passed to you, it is a mere expectation.

Consider all these properties and create a close account of your assets. Make it as accurate as possible and consult with your lawyer about the best course of action.